St. Kitts & Nevis

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    Manager of Liberty International Bank answers allegations

    The manager of a Nauru-registered bank that appears to be operated illegally from Nevis said he did not realize he was doing anything wrong and will take steps to correct the matter. Dennis L. Shollenburg also said that a lawsuit that has been filed against him and others in the US by plaintiffs alleging investment fraud involving his previous bank had not been served on him.

    Insider Talking: January 31, 2001

    David Voth unable to name auditor of The Forex Fund, Dennis Sutton charged with fraud and forgery in the Bahamas, fraudulent GTrade 'stock exchange' becomes active again after months of inactivity, conman Joseph Becker sets up his own European Community in cyberspace, FIBG-related barrister Lawrence Jones stops practicing law in England.

    David Finzer trial scheduled for May

    A four-week jury trial to hear multiple allegations of fraud and money laundering against Nevis-based offshore provider Raymond David Finzer is scheduled to start on May 7, 2001 in the United States.

    Insider Talking: December 31, 2000

    During the course of 2000, Offshore Alert received many telephone calls and e-mails from clients of The Harris Organization financial services group in Panama who claimed to have been defrauded of various amounts of money; After Tony Vigna was recently deported from Panama to face criminal charges in Miami, further details emerged of a fake British passport that was obtained for him by The Harris Organization when he fled the US before being indicted; Standard Hellier Bank and Allianz Trade Reinsurance web-sites become inactive after investigation by Offshore Alert; We have been told by the Grenada Supreme Court that between 10 and 15 civil lawsuits have now been filed against the First International Bank of Grenada group; The default judgment entered against the Bank of Bermuda in favor of the Receiver of the Cash 4 Titles alleged Ponzi scheme at a US federal court on November 20, 2000 was set aside ten days later; Clyde DHood, the small-town electrician in Illinois who persuaded thousands of suckers all over the world to mail him millions of dollars just by promising high returns, remains in jail after his bail application was turned down; Canadian crook Jordan Bionda seems to subscribe to the philosophy that 'the best form of defense is attack'; and Americans are regarded virtually all over the world as being parochial in that they tend not to travel abroad, generally know little about other countries or world affairs and, rather insultingly to the rest of the world's population, give themselves titles such as 'World Champions' when they win a national championship, be it in basketball, baseball, American football or whatever.

    Robin Cotterell: ‘US investigators wanted me to give up my clients’

    Nevis-based offshore provider Robin Cotterell claims that US investigators asked him to disclose confidential information on his firm's clients in return for leniency on money laundering charges. Details of a failed attempt to persuade Cotterell to break Nevis' confidentiality laws are contained in a statement issued on his behalf following his acquittal on November 28, 2000.

    New offshore regulator appointed in Nevis

    The Nevis government has separated its Marketing/Promotion division from its Regulation/Supervision division of its financial services sector in an attempt to improve its much-criticized level of regulation. Thomas Peacock has been appointed as Regulator for Financial Services, while Agatha Jeffers-Gooden has been appointed as Director of Development and Marketing, both effective October 1, 2000.

    Offshore criminal activity continues unabated in Grenada

    Regulators in Grenada are continuing to allow banks belonging to the First International Bank of Grenada group to operate on the island despite FIBG's massive insolvency, we can reveal. The National Commercial Bank of St. Vincent, which is government-owned, is also continuing to provide banking services despite having its UK assets frozen recently over the FIBG fiasco.

    Robin Cotterell acquitted of money laundering

    Nevis-based offshore provider Robin Cotterell has been acquitted of criminal money laundering charges following a jury trial at the U. S. District Court for the Southern District of New York. After a trial that lasted eight days, British-born Cotterell was unanimously acquitted on November 29, 2000 on one count of money laundering and one count of conspiracy to commit money laundering.

    Insider Talking: October 31, 2000

    Midasco Gold Corp's dubious offshore private placement participants, Turks & Caicos Islands regulator issues warning against Orion Bank & Trust, Canadian lawsuit filed against Bermuda-based investment firm GulfStream Financial Ltd., prospectus for Bermuda Money Funds identifies long-deceased Bermudian attorney as its chairman, Better Business Bureau in Costa Rica angered by Harris Organization's false claim to be a member, New Utopia scam keeps going and going, superseding indictment brought against Nevis-based offshore provider Robin Cotterell.

    Marc Harris gets temporary reprieve after being closed down

    After months of ignoring blatant illegalities, Panamanian regulators finally acted against The Harris Organization financial services group this month and suspended its business operations. However, an Order by La Comisión Nacional de Valores (National Securities Commission) was itself suspended by the Panamanian Supreme Court following an application by The Harris Organization.

    Court battle looms for control of Hawthorne-Sterling fund group

    A crucial hearing in the battle for control of the Hawthorne-Sterling group of mutual funds is due to take place at Bahamas Supreme Court on November 1. Florida-based Ian L. Renert wants the court to remove accountant Clifford Culmer as Receiver of 36 companies within Renert's group and be allowed to relocate them to Nevis.

    Panama suspends operations of The Harris Organization

    La Prensa newspaper in Panama reported today that La Comisión Nacional de Valores, which is the Panamanian equivalent of the SEC in the United States, has suspended the business operations of The Harris Organization financial services group, which is headquartered in Panama but has its main entities incorporated in the British Virgin Islands and Nevis.

    Newt Utopia: ‘Offshore Insight’

    Liechtenstein benefits for short timers Police in the capital of Vaduz recently reported a prisoner housing problem as a result of several recent arrests made during a money laundering investigation. In police headquarters there are 16 cells that can only

    Internet poll shows that Grenada is considered worst ‘real’ offshore center

    Grenada has finished a close second to the fake jurisdiction of Melchizedek in an Internet poll to determine the worst offshore jurisdiction. In answer to the question 'Which of these offshore centers would you least trust with your money?', Melchizedek came top with 30 per cent of votes cast, while Grenada followed with 21 per cent.

    Terry Neal settles SEC lawsuit for $2.5 million

    Nevis-based offshore financial services provider and author Terry Neal has been ordered to disgorge $2.3 million in "ill-gotten gains" and pay a $200,000 penalty to settle a civil fraud lawsuit in the United States. Neal, who is an American citizen, has also been barred from serving as an officer or director of a public company in the United States.

    Irvin BonCamper linked with dubious insurers

    St. Kitts and Nevis-based accountant Irvin BonCamper has been linked to two dubious insurers accused of separately attracting millions of dollars of premiums on the strength of false financial statements. One of the insurers, St. Kitts-based Keyes International Insurance Company Ltd., was affiliated with Banque de Petite Martinique, a Grenada-registered 'bank' that became defunct in 1998 or 1999.

    Harris Organization-controlled motel put into receivership

    A Florida motel controlled by The Harris Organization has been put into receivership after the Panama-based financial services group defaulted on an $11,820 per month mortgage. A receiver for Neptune's Hideaway Motel Inc., in Key Largo, was appointed by the 16th Judicial Court for Monroe County on June 20, 2000 after an application on June 6 by creditor LRJ Realty Inc.

    Keith King panned in Isle of Man judgment

    A now defunct Isle of Man stockbroking company controlled by offshore businessman Keith King has lost a second civil lawsuit brought by a former client. Defendant City & International Securities was found to have illegally transferred GBP200,000 out of the account of The Mannin Foundation, of Liechtenstein, to fund a new stockbroking firm that collapsed within 12 months and was compulsorily wound up by the Isle of Man High Court.

    Offshore Financial Centers capitulate to international pressure

    The governments of offshore financial centers have moved with unprecedented haste in changing their regulatory and supervisory systems in order to be removed from international 'hit lists'.Rather than attempt to group together and negotiate with foreign agencies from a position of strength, many governments have capitulated to international pressure and rushed through emergency legislation.

    Insider Talking: July 31, 2000

    Robin Cotterell released on bail pending trial on money laundering charge, SG Hambros and Coutts settle Bahamas lawsuit, casino web-site's links to the Bahamas, where Internet gaming is prohibited; Canadian regulators issues warning about Cayman International Holdings, First International Bank of Grenada fraudsters open a new bank, investors in Versailles finance group apply to liquidate BVI firm Trading Partners, Harris Organization has Nov. 24 deadline to obtain investment manager's license in Panama, Imperial Consolidated Securities SA offers "High-Yield Investment Facility", Cayman Islands passes Electronic Transactions Bill and Computer Misuse Bill.

    Major countries strike hard against offshore centers

    The high stakes poker game between onshore and offshore governments lost six players recently but another 35 have 12 months to decide whether the OECD is bluffing with the threat of sanctions.Bermuda, the Cayman Islands, Cyprus, Malta, Mauritius and San Marino have all signed an 'Advanced Letter of Commitment' agreeing to co-operate with international tax investigations.

    Terry Neal denies Exchange Bank and Trust was operated from Nevis

    Nevis-based offshore provider Terry Neal has denied that his firm Nevis American Trust Co. Ltd. operated Exchange and Bank Trust from the island, despite overwhelming evidence to the contrary.Nauru-registered EBT, which was not licensed in Nevis, is being investigated in the US and Canada for allegedly laundering the proceeds of securities fraud and has had US$16.9 million of assets frozen in Vancouver.

    Resumption of Isle of Man trial involving Keith King company

    A civil trial in the Isle of Man involving a company controlled by Keith King, the founding boss of the First Nevisian group in Nevis, was due to resume on May 30.The trial, which was adjourned earlier in the year, concerns a claim for GBP200,000 (approximately US$300,000) made against King's firm City & International Securities by former clients Virginia Anne Callow and Dr. Herbert Batliner, as Trustees of The Mannin Foundation.

    Regulators freeze assets of bank controlled by Terry Neal

    A Nauru-registered bank that is operated out of Nevis by offshore provider and author Terry Neal is at the centre of a major stock fraud investigation in the United States and Canada.Investigators allege that Exchange Bank and Trust helped launder millions of dollars from illegal trading in US stocks through bank and brokerage accounts in Vancouver and Nevis-registered entities.

    Eugene Herbert threatens legal action over Nevis credit union fiasco

    Nevis-based offshore provider Eugene Herbert is contemplating legal action against California-based attorney N. Scott Grant in relation to an entity called World Investors Credit Union LC.Herbert, who runs Nevis International Trust Company Ltd., said he was disturbed to learn in last month's Offshore Alert that he was being described in promotional material as Managing Director of WICU.

    A look at the dubious GTrade ‘stock exchange’ and its principal, Andy Mann

    Nevis-based Hanver Trust Company boss Robin Cotterell, who was arrested on May 23 for allegedly laundering the proceeds of securities fraud, is also the chairman of a dubious Internet stock exchange, Offshore Alert can reveal. Cotterell has set up several companies and provided a number of services to the 'exchange', which is known as GTrade, and his firm may have even partially operated it in Nevis without a licence.

    Attorney Scott Grant accused of selling sham offshore credit union

    Attorney Nigel Scott Grant has been reported to the California Bar Association by a client who claims to have been ripped off over the purchase of a Nevis-registered 'credit union'. California-based Johnson Richards & Co. is seeking to recover about $53,000 in legal fees and other costs allegedly paid to acquire a fully-functioning credit union from Grant and prepare for its operation.

    OECD backs off publishing an offshore ‘hit list’

    The much-vaunted publication of a tax haven 'hit list' by the Organisation for Economic Co-operation and Development has been put off for at least a year. The OECD had planned to name those territories deemed to engage in "harmful tax practices" in June of this year, after which the 29 OECD member countries would seek to punish those on the list by introducing "defensive measures".

    Meridian Investment Bank run by former plumber

    One of the banks linked with the First International Bank of Grenada group is co-owned and partly run by a former plumber and two former bankrupts, Offshore Alert can reveal. The ex-plumber is Florida resident Sheldon A. Mickelson, 40, who we have been told by two sources is one of the senior partners in Meridian Investment Bank, which is one of the many 'sub-banks' sponsored by FIBG. 

    First International Bank of Grenada Ltd. et al v. David Marchant et al: Dismissal Order

    Final Order of Dismissal in First International Bank of Grenada Ltd., of Grenada; International Depositors' Reinsurance Corporation Ltd., doing business as IDIC, of Nevis, and World Investors' Stock Exchange Ltd., of Grenada v. David Marchant and Offshore Business News & Research, Inc. at the U. S. District Court for the Southern District of Florida.

    Insider Talking: March 31, 2000

    AS&K denies it is merging with Truman Bodden & Co. (Cayman), Neville Grant, resigns as head of the Cayman Islands Monetary Authority, Montserrat revokes offshore banking license of Equity Bank and Trust Company Limited, Grenada's Ambassador to the United States, Denis G. Antoine, makes a fool of himself while defending Grenada's offshore financial sector, illegally-operated offshore 'bank' continues in business despite regulatory action, sham 'Monaco Bank of Trade' tries to lure Internet users by offering absurdly-high rates of return, Russian businessman Vladimir Momitko dismantles web-site in which he sought to breach the copyright of financial publishers.

    Harris Organization associate deported from Panama

    A fugitive American businessman who has been helping The Harris Organization run investment schemes through IBCs set up in the Bahamas and the BVI was deported this month from Panama to the US. Within days of his deportation, Brent A. Wagman was criminally indicted in Texas on charges of masterminding a scheme that defrauded mainly elderly victims of approximately $30 million.

    Nevis-based offshore provider criminally indicted in Utah

    Raymond David Finzer, Managing Director of the Nevis-based LIFE Offshore Group, has been criminally indicted in the United States on charges of mail fraud, wire fraud, money laundering and aiding and abetting. Finzer, 46, and co-defendants Ned Richard Hart, who was a client of Finzer's, and Christian G. Cooper were indicted on March 1 at the US District Court for the District of Utah (Central Division).

    Bermuda tops Year 2000 Telecommunications Review

    Telecommunications Review in Bermuda-Caribbean region: Bermuda continues to offer by far the cheapest overseas telecommunications rates compared with its rival offshore jurisdictions in the Caribbean, we can disclose. While rates have generally fallen in many islands since our last survey in April, 1997, the gap between Bermuda and the pack remains huge, largely due to the introduction of competition for international calls. 

    Insider Talking: February 29, 2000

    Keith King and the Transglobal Investment Fund, Antigua PM Lester Bird seeks to have financial advisory lifted, Viktor Kozeny sued in the Bahamas, U. S. and Bermuda discuss new treaty, Quantum Trading offers suspiciously high returns, Mezzanine Capital in middle of pump and dump, and Michael Creft: From Manitoba Department of Highways employee to Grenada's chief offshore regulator

    FIBG reports fictitious net income of $60 billion

    The founding chairman of the First International Bank of Grenada has informed Grenada's chief offshore regulator, Michael Creft, that FIBG has made a net income of $60 billion in its first two years in business. The astonishing claim is made in a rambling, 26-page letter sent by Van A. Brink (a.k.a. Gilbert Allen Ziegler) to Creft on December 23, 1999 in an effort to assuage the regulator's concerns about the bank.

    Insider Talking: January 31, 2000

    Liquidators of First Cayman Bank reach settlement with former Cayman government minister McKeeva Bush, First Nevisian's Keith Leslie King testifies at civil trial in the Isle of Man, Jordan Bionda denies he is a fraudster, conman Keem Kalfon promotes his Global Heritage Asset Protection 'fund', attorney Julian Hall is declared bankrupt in Bermuda, Bermuda's international business sector voices concern over Government plans to introduce tougher new work permit rules for foreign workers, offshore crook Marc Harris compares himself to Albert Einstein, Florida judge orders Harris Organization to pay costs after losing a libel action against OffshoreAlert's publisher.

    IDIC moves to Grenada after being closed down in two jurisdictions

    Grenada regulators have allowed the sham insurer known as IDIC to incorporate on the island after regulators in Nevis and Dominica closed down the company, we can disclose. IDIC was closed down by Nevis regulators on January 27, 1999 and, the following month, was shut down in Dominica, where it had moved.

    Harris Organization appeals libel decision

    The Harris Organization financial services group of Panama has served official notice that it will appeal its loss of a recent libel lawsuit against Offshore Business News & Research Inc., which publishes Offshore Alert. The grounds for the appeal were not known at press time.

    Nevis drafts law to regulate offshore service providers

    A final draft of the regulatory legislation providing for the supervision and licensing of offshore service providers is currently circulating in Nevis. The Service Providers Supervision Ordinance 1999 is expected to become law later this year.

    Debtors in offshore financial centers

    In an effort to assist the public in determining the credibility of businesses and businessmen, OffshoreAlert has compiled a list of companies in the Bermuda Caribbean region who are unwilling to pay their debts. Each of the companies listed below

    Bad debtors in the Bermuda-Caribbean Region

    In an effort to assist the public in determining the credibility of businesses and businessmen, Offshore Business News & Research has compiled a list of companies in the Bermuda-Caribbean region who are unwilling to pay their debts.

    Libel trial judge asks: ‘Where is Marc Harris?’

    The libel trial involving The Harris Organization financial services group of Panama and Offshore Business News & Research ended on July 30 with Judge Michael Moore asking: "Where is Marc Harris?" Harris was nowhere to be seen during six days of testimony even though he was the main subject matter of the March 31, 1998 Offshore Alert article that was being complained about.